subject: How You Can Launch a New FRanchise [print this page] How You Can Launch a New FRanchise How You Can Launch a New FRanchise
Opening a business or buying into a franchise is a big step and a massive investment for any business owner. Before the process even begins you should take the time to make sure that you're a good fit for opening a franchise. Here are some of the most important considerations and tips to do when starting up a new endeavor:
1: Don't take the first investment opportunity that sounds like it will get your business of the ground. Instead try to launch a business with your own funds. There's a great deal of pride in pulling yourself along and bootstrapping your franchise with personal financing.
2: Choose a franchise that offers the opportunity to work with something you know or something you're passionate about. If you're familiar with working in the food industry and that's something you love then run with it. If you love tools then invest in a franchise that deals in hardware products.
3: Consider the benefits of starting a moonlight business that doesn't immediately require you to give up your day job. Can you buy into a franchise that is able to operate on odd hours or off days?
4: Sometimes it's good to have a business stay within the family, especially if those in the family are willing to help you for free or a reduced cost. Starting a business is a bit of an investment though, often more than a franchise. You'll have to decide what fits you and your family better.
5: Take the time to do deep market research around the business or franchise that you want to open. This includes understanding your competitors, the online component of the business model, who the customers might be, the demographics, etc. This can help you determine if the idea is viable for your market.
6: When you weigh opening a business or a franchise, make a list of Pros and Cons. From that list you can compare franchise and see which one fits you best when compares with the things you favor and your personal interests.
7: Talk to people operating or working in businesses that are similar the franchise you want to invest in. They should be included in your research to determine if the franchise(s) you chose are a good fit for yourself, your marketing and the current economy.
8: Instead of dropping an idea because the local market doesn't favor it, consider the potential of a franchise in another area that is within you region. You might find an adjacent town is a better fit for the franchise you have in mind.
9: Talk to corporations behind the franchises and brands that you're interested. Each of them should be able to give you a good idea on how much it will cost to start up a franchise. The startup costs will include building material or locations, equipment, inventory or food products, etc.
10: Plan an exit strategy to ensure that you're going to be tied down every day of every month, until you retire. You should have a plan in place to be able to step away, either temporarily or permanently, when the time comes for a break.
Once you go down the road to opening a franchise, it's a long path that can be difficult to navigate. By asking yourself the right questions and planning accordingly you'll ultimately be able to make the best decision based on research into which franchise is right for you.
